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Mangalam Drugs to raise Rs 14.3 cr thru public issue

Our Bureau

Mumbai , April 11

MANGALAM Drugs and Organics Ltd (MDOL) is set to raise Rs 14.3 crore through a public issue to fund its expansion plans and support its growth in the anti-malarial segment.

The offer is for 65,00,000 shares of Rs 10 each at a price of Rs 22 and will remain open from April 19 to April 26, said Mr G.M. Dhoot, chairman of the company.

Speaking to presspersons, he said that the company planned to manufacture new versions of anti-malarial bulk drugs such as Artesunate, Artiether and Artimether and the finance was being raised to support these plans. MDOL has a plant at Vapi, Gujarat, which manufactures bulk drugs and another at Sangamner, Maharashtra. Funds raised from the market will partly be used to expand capacities at these two plants.

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